All the following are the canons of taxation given by Adam Smith except
Trả lời
(A)
objective
19
Census can be classified as
Trả lời
(A)
defacto and dejure
20
A firm that charges the maximum price without attracting competition from new entrants is
Trả lời
(C)
Monopolistic firm
21
A monopolist has the power to influence the prices of goods and services. Therefore, he is a
Trả lời
(A)
price maker
22
Which of the following business units can issue shares?
Trả lời
(B)
Public limited liability company
23
Which of the following are examples of transfer payment
Trả lời
(A)
gift and donations
24
The technical relationship between the physical inputs and the physical outputs of a firm is
Trả lời
(D)
Production function
25
The income elasticity of demand of normal goods is
Trả lời
(B)
positive
26
The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct
The marginal product at the fifth variable factor is
Trả lời
(A)
7
34
The financial institution known as a building society is
Trả lời
(C)
mortgage bank
35
A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is
Trả lời
(C)
Budget line
36
The information that rank a consumer preferences is given by
Trả lời
(A)
Scale of preference
37
The ownership of a public limited liability company is made up of
Trả lời
(C)
minimum of seven and no maximum number
38
All the following are types of specialization except
Trả lời
(A)
Manager Specialization
39
A market will be at equilibrium when
Trả lời
(A)
demand and supply are equal
40
Which of the following will shift the demand curve for Bournvita to the right
Trả lời
(B)
an increase in income
41
Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5.
Trả lời
(C)
19
42
All the following are properties of an indifference curves except
Trả lời
(A)
it can intersect
43
Isocost and isoquant can be attributed to
Trả lời
(C)
Theory of production
44
The line Y in the diagram represents
Trả lời
(C)
fixed cost
45
The curve labeled II illustrates a system of taxation
Trả lời
(A)
proportional tax
46
The curve labeled III illustrate a system of taxation
Trả lời
(A)
regressive tax
47
What would be likely to increase inflation in any economy?
Trả lời
(A)
Increase in demand
48
The term of trade can be expressed as
Trả lời
(C)
(Price index of export ÷ Price index of import)× 100
49
The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume
Trả lời
(D)
0.5
50
The study of broad economic aggregates is
Trả lời
(A)
Macro economics
51
Disposable income is total income
Trả lời
(A)
less tax
52
In which of the following economic systems do we have the means of production and exchange controlled by private individuals
Trả lời
(C)
capitalist system
53
The situation whereby the government of a country spends more than its budgets for a given financial year is known as
Trả lời
(B)
deficit budget
54
The total stock of money available for use in an economy is
Trả lời
(A)
supply of money
55
What does the accelerator principles state?
Trả lời
(C)
Investment is a function of the rate of change of income
56
A major limiting factor of mass production is
Trả lời
(C)
small size of the market
57
When elasticity is zero, demand curve is
Trả lời
(B)
perfectly inelastic
58
In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when
Trả lời
(B)
MUX = PX
59
Which of the following could be used to measure the efficiency of labour?
Trả lời
(B)
input-output ratio
60
How can a firm benefit from external economies?
Trả lời
(C)
Locating in an area in which the industry is already established
61
A smaller industry that grows to cater for the need of the major industry is
Trả lời
(A)
subsidiary industry
62
In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?
Trả lời
(B)
There has been a reduction in the price of both A and B
63
What would encourage the growth of international division of labour?
Trả lời
(A)
Improvement in transport system
64
The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price
Trả lời
(A)
N4
65
The practice of selling goods overseas and often below the cost of production is known as
